(Photo: Reuters)
(Photo: Reuters)

Govt notifies changes in FDI norms on single brand retail, digital media

  • The Union Cabinet last month cleared a raft of changes in FDI regulations
  • 'The changes in FDI policy will result in making India a more attractive destination,' said the cabinet statement

New Delhi: The commerce and industry ministry on Wednesday notified earlier Cabinet decisions regarding changes in foreign direct investment regulations on single brand retail, coal mining, contract manufacturing and digital media.

However, the press note 4 of 2019 issued by the ministry remains silent on the definition of digital media or the restrictions the existing news media websites with more than 26% FDI may face.

"The above decision will take effect from the date of FEMA notification," the press note said.

The Union Cabinet had last month cleared a raft of changes in foreign direct investment (FDI) regulations to make India "a more attractive destination, leading to benefits of increased investments, employment and growth".

“The changes in FDI policy will result in making India a more attractive destination, leading to benefits of increased investments, employment and growth," a cabinet statement said.

The reforms are part of India’s strategy to become part of the global supply chain amid its disruption due to the US-China trade war.

In her maiden budget speech on 5 July, Sitharaman had proposed to examine suggestions of further opening up FDI in aviation, media and insurance sectors in consultation with all stakeholders.

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